Since the 2008 credit crisis, the SEC has been criticized for its lack of effective management and organization. But it spent so much money getting recommendations for restructuring that it can no longer afford to implement them. Restructuring could also be disruptive to operations. So the agency will focus on a small number of projects, none of which includes revamping its operations.

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The consulting that depleted funding was mandated by Congress. The original consulting project cost $4.8 million. An extra $8.6 million has been spent on follow-up and multiple additional consultants. Even if there is no money left for reorganization, significant cost savings measures have been identified which could save the agency $13 million by the end of the 2013 fiscal year.

There were no specifics on what types of projects the agency would focus on for 2012.

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